Japan’s Global Minimum Tax Law is Gazetted Today
The “Act for the Partial Revision of the Income Tax Act” was promulgated in Special Issue No. 25 of the Official Gazette on Friday, March 31, as Act No. 3/2023.
Liechtenstein Publishes Draft Global Minimum Tax Law
On March 29, 2023, Liechtenstein published draft legislation for the implementation of the Pillar Two Globe Rules.
Canada’s 2023 Budget Confirms Global Minimum Tax Implementation
In yesterday’s 2023 Canadian Budget, the government confirmed that it will introduce legislation implementing the Income Inclusion Rule (IIR) and a domestic minimum top-up tax (QDMTT) applicable to Canadian entities of MNEs with effect for fiscal years of MNEs that begin on or after December 31, 2023.
Japan’s Global Minimum Tax Law Is Enacted
On March 28, 2023, Japan enacted the second domestic law to give effect to the Pillar Two GloBE rules from April 1, 2024.
Differing Commencement Dates For Pillar Two Internationally
The wording for Pillar 2 implementation can vary from ‘ On or after December 31, 2023’, ‘From December 31, 2023’ or ‘After December 30, 2023’ to ‘From January 1, 2024’ or ‘From April 1, 2024’. We look at why.
GloBE Country Guide: The United Kingdom
Analysis of the implementation of the Pillar Two Global Minimum Tax rules in the UK on or after 31 December 2023. Updated for the 2024 Finance Act.
Review of the UK Global Minimum Tax in Yesterday’s 2023 Spring Finance Bill
The Spring Finance Bill 2023 (Finance (No. 2) Bill) was published yesterday (March 23, 2023). The Bill includes provisions to implement key aspects of the Pillar Two Global Minimum Tax for accounting periods beginning on or after 31 December 2023.
GloBE Country Guides: Summary
Analysis of the domestic implementation of the Pillar Two Global Minimum Tax rules.
Germany Publishes Draft Global Minimum Tax Legislation
On March 20, 2023, the German Federal Ministry of Finance published a consultation, including a draft law (the Minimum Taxation Directive Implementation Act) to implement the EU Global Minimum Tax Directive. The consultation is open for comments until April 21, 2023.
Deferred Tax Data Points For The Pillar 2 GloBE Rules
Many of the deferred tax data points are not stand-alone data sources but arise as a result of further calculations that are themselves based on underlying data-sources. There is therefore a ‘layering-up’ of data before the GloBE calculations can be effectively made.
